Global stock markets delivered a V-shaped recovery during November. Markets started on the back foot but gradually improved as expectations of interest rate cuts in the UK and US strengthened, and geopolitical tensions began to ease.
The UK market remained stable following a budget that was less eventful than many had feared and calmed bond markets. In the US, overall market sentiment was supported by promising corporate earnings, though major technology names started to raise questions and uncertainty.
Emerging markets struggled, particularly across Asia where weakness in technology shares weighed heavily on performance. The Japanese market fell in value but confidence has been lifted by the government announcing a stimulus package increasing government spending with the aim of boosting economic activity
